PayPal to buy Square competitor iZettle for $2.2B

PayPal Holdings (PYPL) has agreed to buy Sweden's iZettle for $2.2 billion, marking its biggest acquisition since being spun off by eBay (EBAY).

An announcement of the $2bn deal is expected as early as tomorrow, after Sky News reported that the two companies were in talks. Prior to the acquisition, the company had advanced plans to open capital on the stock exchange.

Founded in Stockholm in 2010, iZettle started out selling credit and debit card readers that could be plugged into smart phones and tablets.

Sky News has learnt that PayPal could announce its intention to buy iZettle as soon as Friday morning. The company also offers services such as cash advances and an ecommerce offering in a bid to provide a full-fledged commerce platform for small businesses.

"Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile", PayPal President and CEO Dan Schulman said in a press release. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies". The company's CEO, Jacob de Geer, will continue to lead the business under PayPal.

The transaction, which is expected to be United States dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals.

For 2018, iZettle expects to generate gross revenues of United States dollars 165 million, and to process USD 6 billion worth of total payment volume (TPV) on its platform. The completion of this transaction is subject to customary closing conditions, including regulatory approvals.

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